Snam nabs €500m before storm breaks in US

By Jon Hay
15 Oct 2014

On an extraordinary day in the capital markets, a very ordinary corporate bond was issued on Wednesday — a €500m 8.5 year issue for Snam, the Italian gas transport group, that was nicely oversubscribed and closed trading at reoffer.

The bookbuild was finished by 11.15 in the morning, London time – only 6.15am in New York. By then, the news was yet to hit the market that US retail sales fell 0.3% in September, while the US producer price index dropped 0.1%.

That was the trigger for ...

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